The Bancorp is doubling down on its commitment to fintech, unveiling plans for a new dedicated fintech innovation and development studio. Dubbed Cube8, the division will serve as a space where Bancorp will:
“…explore unconventional–even radical–ideas in financial technologies with the goal of creating changes or new opportunities to bolster the company’s business strategies, operational efficiency and incremental revenue.”
The fintech space continues to evolve at a rapid rate, and we envision Cube8 being at the forefront of this movement. The Bancorp has robust systems and employee expertise that make our current services for clients best in class. There is no better time than now to focus our efforts on innovation to take our businesses to the next level,” said Damian Kozlowski, CEO and President at The Bancorp.
Some innovations will be proprietary, while others will be worked on in conjunction with other leading fintech companies. Cube8’s initial focus will be on digital lending, digital payments, mobile payments, and blockchain technologies. The team will also work to achieve efficiencies in the Anti-Money Laundering/Bank Secrecy Act ecosystem, big data, and artificial intelligence technologies.
The Cube8 team will be led by Pete Chiccino, Chief Innovation Officer, and based in West Chester, Pa, USA.
“Cube8 is the next logical step for The Bancorp with respect to innovation,” said Bancorp Chief Innovation Officer Pete Chiccino, who will head the new division. “While The Bancorp has always invested in innovation within our various business lines, we are now making it a dedicated priority for the overall organization.”
“With the singular focus of this group, we believe that we can take truly powerful and innovative ideas and turn them into business-driving and industry-leading services for The Bancorp,” added Chiccino. “I am excited at the opportunity to lead this initiative to help define the future of The Bancorp.”
A long-time sponsor of Finovate—a major fintech industry event—The Bancorp has a history of partnering with innovative companies, including Google and Uber and mobile-only banking startup Varo. Meanwhile, as one the largest prepaid issuers in the world through its Bancorp Bank subsidiary, the company has said it views prepaid as a natural fit that pairs well with many of the innovations taking place in fintech.
Some of the work done by Cube8 will be proprietary, while other projects will be undertaken in conjunction with outside fintech companies. The division, which will be separate from The Bancorp’s daily business activities and based in West Chester, Penn., initially will focus on digital lending, digital payments, mobile payments and blockchain.
Cube8 also will explore ways to improve efficiencies in AML/Bank Secrecy Act sphere, big data and artificial intelligence.
Chiccino noted that revenue could come from licensing as well as the creation and commercialization of new technologies.
“We believe that innovation coming out of the Cube8 studio will allow us to offer industry-leading products and services that can be future business drivers for The Bancorp.”